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Unite Scottish secretary Pat Rafferty said: "The impact on jobs and skills for the UK oil and gas sector due to these staggering profit losses could be disastrous unless the Government steps in now with significant interventions.

"Emergency tax measures should be implemented as soon as possible by the Chancellor so we can sustain jobs and skills as best we possibly can, giving North Sea oil and gas production a fighting chance for the future."

Left unchecked, these losses will cascade on to offshore contractors and UK supply chains with inevitable consequences

Pat Rafferty, Unite Scottish secretary

He added: "Left unchecked, these losses will cascade on to offshore contractors and UK supply chains with inevitable consequences, potentially taking us beyond the point of no return."

Royal Dutch Shell has insisted its $49billion takeover of BG Group heralds the start of a "new chapter" as it saw annual profits crash by 80 per cent.

But the company has already confirmed 10,000 jobs will be axed across both companies globally and £20.6billion worth of assets will be sold off under the new deal.

Shell currently employs around 4,500 people in Scotland with a further 1,000 sub-contractors and it has already cut 500 positions in its North Sea operations since August 2014.

The blue chip giant saw full-year earnings tumble to $3.8billion in 2015 from $19billion in 2014.

Chief executive Ben van Beurden said yesterday: "The completion of the BG transaction, which we are expecting in a matter of weeks, marks the start of a new chapter in Shell, rejuvenating the company and improving shareholder returns."

The group stripped out $4billion from the business, around 10 per cent, in 2015 and plans to cut a further $3billion this year.

Mr van Beurden added: "Shell will take further impactful decisions to manage through the oil price downturn, should conditions warrant that."